TCTC Holdings LLC Cuts Position in Comstock Resources, Inc. (NYSE:CRK)

TCTC Holdings LLC decreased its position in Comstock Resources, Inc. (NYSE:CRK) by 55.6% during the third quarter, HoldingsChannel.com reports. The fund owned 22,000 shares of the oil and gas producer’s stock after selling 27,600 shares during the quarter. TCTC Holdings LLC’s holdings in Comstock Resources were worth $245,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRK. Harbor Capital Advisors Inc. purchased a new stake in Comstock Resources during the third quarter valued at $25,000. Blue Trust Inc. bought a new stake in shares of Comstock Resources in the 2nd quarter worth about $32,000. EverSource Wealth Advisors LLC raised its position in shares of Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 3,446 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Comstock Resources by 27.5% in the 2nd quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock valued at $63,000 after acquiring an additional 1,312 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Comstock Resources in the 1st quarter valued at about $91,000. 36.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Bank of America assumed coverage on Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Mizuho decreased their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Truist Financial raised their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. Wolfe Research began coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and a consensus target price of $10.31.

Comstock Resources Price Performance

Shares of CRK stock opened at $13.20 on Friday. The company has a market capitalization of $3.86 billion, a P/E ratio of -73.33 and a beta of 0.47. The company’s 50-day simple moving average is $11.19 and its two-hundred day simple moving average is $10.80. Comstock Resources, Inc. has a one year low of $7.07 and a one year high of $13.41. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The firm had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.04 earnings per share. As a group, equities analysts anticipate that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insider Buying and Selling

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were acquired at an average price of $10.93 per share, with a total value of $11,413,106.00. Following the transaction, the insider now owns 204,495,146 shares of the company’s stock, valued at approximately $2,235,131,945.78. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders acquired a total of 4,235,997 shares of company stock valued at $45,740,224 over the last three months. 2.00% of the stock is owned by company insiders.

About Comstock Resources

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.